Fuel Cards Market Report 2024-2033 | Size, Growth, Demand, Trends

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Fuel Cards Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The fuel cards market size has grown rapidly in recent years. It will grow from $802.61 billion in 2023 to $893.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to fuel price fluctuations, fleet management efficiency, expense tracking and reporting, tax benefits, security and fraud prevention.

The fuel cards market size is expected to see rapid growth in the next few years. It will grow to $1324.17 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to global expansion of fleet operations, integration with telematics systems, focus on sustainability, rise of electric and hybrid fleets, advanced data analytics. Major trends in the forecast period include digital wallet integration, contactless and mobile payments, ai-powered expense management, real-time transaction monitoring, personalization and customization.

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Market Segmentation:
The fuel cards market covered in this report is segmented -

1) By Type: Branded, Universal, Merchant
2) By Technology: Smart Cards, Standard Cards
3) By Application: Fuel Refill, Parking, Vehicle Service, Toll Charges, Other Applications
4) By Vehicle: Heavy Fleet, Light Fleet

Major Driver - Rising Logistics Sector Fuels, The Growth Of The Fuel Card Market
The expanding logistic sector is expected to propel the growth of the fuel card market going forward. The logistics sector collects, manufactures, and delivers materials and goods at the proper location and quantity. The fuel card allows operators to manage finances carefully, keep track of each driver's spending, and monitor fueling habits. For instance, in June 2023, according to the Council of Supply Chain Management Professionals (CSCMP), a US-based key organization of the logistics and supply chain management sectors, the total expense of corporate logistics in the US reached a record high of $2.3 trillion in 2023, up from $1.85 trillion in 2022, which equals 9.1% of the country's GDP, the highest GDP proportion ever. Therefore, the expanding logistic sector is driving the fuel card market.

Competitive Landscape:
Major companies operating in the fuel cards market report are Exxon Mobil Corporation, TotalEnergies SE, Chevron Corporation, BP plc, Valero Energy Corporation, Repsol S.A., Suncor Energy Inc., Shell plc, U.S. Bancorp, Libya Oil Holdings Ltd., Puma Energy Holdings Pte Ltd., FirstRand Limited, Absa Bank Limited, Fleetcor Technologies Inc., Comdata Inc., WEX Inc., Ingenico Group, First National Bank, Fuel Genie Systems, CSI Voyager Fleet, W. A. G. Payment Solutions plc, Singapore Petroleum Company Limited, Wilhelm Hoyer GmbH & Co. KG, Coast, Edenred Essentials, Engen Petroleum Ltd., Fuelman Inc.

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Top Trend - Product Innovations Reshapes The Fuel Card Market
Product innovation is the key trend gaining popularity in the fuel card market. Major players in the fuel card market are concentrating on creating revolutionary products to improve their market share. For instance, in July 2022, BP p.l.c., a UK-based oil and gas company, in collaboration with First National Bank of Omaha (FNBO), a US-based financial services corporation, launched an innovative and unique BPme Rewards Signature Visa Credit Card. The new BPme Rewards Visa presents an updated version of the conventional fuel card that enhances consumer benefits by fusing the strength of BPme Rewards with features found on standard credit cards, such as cash-back incentives and flexible redemption possibilities. The BPme Rewards Visa offers cardholders more purchasing power and chances to accrue rewards because it can be used everywhere Visa is accepted.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fuel Cards Market Characteristics
3. Fuel Cards Market Trends And Strategies
4. Fuel Cards Market - Macro Economic Scenario
5. Fuel Cards Market Size And Growth
…..
27. Fuel Cards Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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